Bank of Baroda reduces PLR by 0.25 per cent

Bank of Baroda (BoB) has reduced its prime lending rate (PLR) by 0.25 per cent at 10.75 per cent with effect from June 1, 2003. The short-te...

Bank of Baroda (BoB) has reduced its prime lending rate (PLR) by 0.25 per cent at 10.75 per cent with effect from June 1, 2003. The short-term PLR applicable for advances up to 180 days’ maturity would be 10 per cent and the term PLR applicable for loans with maturity of more than one year would be 11.50 per cent, BoB said in a release here on Monday.

BoB has also realigned its term deposit rates, both for domestic and for non-resident external (rupee) deposits, in tune with the prevailing market conditions effective May 12.

The cut in PLR would result in across the board reduction in interest rates on advances to a large number of borrowers of the bank and would benefit to a great extent, agriculture, small scale industries (SSI) and small businesses, it said.

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The bank has already announced reduction in interest rates on priority sector lending up to 2 per cent effective this month.

BoB said the new rates for domestic deposits of less than Rs 15 lakh for maturity of 15-45 days would be 4.25 per cent (4.5 per cent earlier), 46-90 days — 4.5 per cent (4.75 per cent), 91-180 days — 4.75 per cent (5 per cent). The interest rate for deposits of 2 years to less than 3 years has been revised upwards to 5.5 per cent (5.25 per cent) and that for 3 years, it would be 6 per cent (5.5 per cent), it added.

Debris found in Dal Lake could be from missile Pak fired during Op Sindoor

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